Upower and American Capital Energy Announce Joint Venture for Solar Projects

Upower and American Capital Energy Announce Joint Venture for Solar Projects 9 23 2015  (Click To View News Document)
ACE UPI LLC JV Signature Pages  (Click To View Agreement)
Upower and American Capital Energy Announce Joint Venture for Solar Projects

BOCA RATON, FL– (UPOWER – SEPT 23, 2015) – Upower, Inc. (“Upower or UPI”), an emerging Independent Power Provider (IPP) and incubator of Solar Projects worldwide, announced today that on September 23, 2015, entered into a mutually benefitting Joint Venture (“J.V.”) with American Capital Energy, Inc. (“ACE”), a Lawrence, MA decade old Solar Power developer and EPC (Equipment, Procurement, Construction) firm with strong financial partners. Together, ACE and UPI have formed ACE UPI, LLC., a Delaware limited liability company, and to be announced, ACE UPI Chile, SpA, a local Chilean corporation, for the purpose of local combined efforts in securing land, attaining governmental approvals, acquiring Power Purchase Agreements (PPA’s), and obtaining incentives such as tax benefits when available, with a focus of execution and completion in the development of solar power plants.

Together, ACE UPI has potential new developments through the efforts of Upower with its international relationships. Upower’s strength and global reach lie namely in Latin America, the Caribbean, and Africa. In Chile, we are exploring the possibilities of developing a potentially large 356.5 MW (Megawatt) solar project in the Atacama Desert near Arica. We have commenced feasibility studies and cost analysis, while engaging ourselves in a multitude of additional reports and studies for the development of such project. These include detailed solar energy analysis with yield assessment reports on local solar energy, irradiation reports, surface meteorology reports, topographical studies, geographical surveys, Environmental Impact Assessments (EIA’s), and others.  Assessing our project location selection process, foster’s the growth of ACE UPI’s pipeline through Upower regarding our solar deals. ACE UPI strives for a near-term objective of procuring several Power Purchase Agreements (PPA’s) for the potential project development location with the aim of completing its development and the commissioning of the solar plant as our goal.   

David Macias, Upower’s CEO/Chairman, said that “The J.V. with ACE is one of Upower’s most significant development to date. Our mission: To provide renewable energy solutions using electrical power and energy storage, for both micro and utility-sized power plants globally, striving to maximize performance and returns for our shareholders, while remaining environmentally conscious as possible in the process.” Later stating, “We are looking forward to being a steady and long term provider of energy to the Chile for many years to come.”

Art Hennessey, American Capital Energy’s Co-Founder and Chairman stated “We, at ACE, are extremely excited with the possibility of entering into emerging markets with such growth potential and we are looking forward in doing so with Upower.”

Tom Hunton, American Capital Energy’s Co-Founder, President/CEO, who was instrumental in execution of the Joint Venture, was quoted as saying: “We are glad to work alongside Upower. The complimentary positioning of both companies allow for new opportunities, expanded markets, and greater revenue growth outside the U.S..”

Jorge Aizcorbe, American Capital Energy’s Vice President, Strategic Alliances stated “By ACE having a Joint Venture with Upower, we are bringing solutions as a team with so many international relationships and opportunities they have established over the years, allowing us to expand our reach and expertise, as well as the financing and construction of making such renewable energy projects globally a reality.”

Mr. Macias later added, “We look forward to fostering the growth potential of ACE UPI and reaching our goal of generating returns for shareholders, which has now become an achievable goal. This Joint Venture further evidences Upower management’s efforts, by restructuring its business model, and adding key components of construction expertise and availability to project finance access.

About American Capital Energy (ACE)

American Capital Energy, Inc. develops, finances, builds, and operates commercial and utility-scale solar photovoltaic (PV) projects. With a portfolio of 80 solar photovoltaic projects to date, ACE‘s experience offers services for grid-connected, ground-mounted, and utility-scale projects; and commercial rooftop solar PV systems, solar thermal (hot water) energy systems, fuel cells, and energy storage.

ACE also provides origination services; development services, including permitting and interconnection services; financing services, such as financing structures, debt, industrial revenue bonds, tax equity, and sponsor equity; engineering, procurement, and construction services; distributed power solutions in the areas of solar photovoltaics, solar thermal, energy storage, and hybrid systems and microgrids; and asset management services that include monitoring and performance optimization. It serves landfill and brownfield solar, commercial and industrial, REITs, utilities and generation, municipalities, and municipal utilities and public power markets in the United States. American Capital Energy, Inc. was founded in 2005 and is based in Lowell, Massachusetts.  

See: www.americancapitalenergy.com/projects

About Upower (UPI)

Upower, (a.k.a. Upower Group or UPI), based in South Florida, is an emerging Independent Power Provider (IPP) focused on providing alternative energy power solutions as an incubator of solar projects globally. Upower’s forte is that of initiating, developing, financing, operating, and owning large-scale power plants through our well established relationships in the energy markets and striving to maximize performance and returns to our shareholders while remaining environmentally conscious. Upower’s strength and global reach lies in emerging markets, namely in Latin America, The Caribbean, and Africa.

Today, Upower’s widening scope of accomplishments and strategic alliances continue to grow. In 2014, Upower Honduras executed 2 PPA’s, totaling 100 MWs with Empresa Nacional De Energia Electrica (ENEE), the Honduran National Electric Company. The Honduran Congress ratified and approved the two PPA’s and Upower Honduras provided 2 sovereign bank guarantees for the projects. Projects PSA and PRODERSSA are planning to become 2 of the largest operators of solar power plants in the region. Upower signed an EPC installation agreement with the largest world re-known renewable energy installer WTEC Energy. Expanding from the Honduran project, Upower’s history and experience in negotiating and signing multiple PPA’s expanded as well into Chile, executing PPA’s with recognized, creditworthy off-takers of retail chains and mining companies. Over the past several years, Upower has been in the process of negotiating several other solar projects in Chile, The Bahamas, Argentina, Peru, and South Africa regions.

See: http://www.upowergroup.com/projects-2 

FORWARD LOOKING STATEMENTS: Certain statements made by Upower, its subsidiaries and members of its management team on its behalf in this release and other periodic oral and written statements, regarding Upower’s operating performance, events or developments that Upower believes or expects to occur in the future, including those that discuss anticipated financial results, strategies, goals, outlook or other non-historical matters, or which relate to future sales, earnings expectations, cost savings, growth of Upower or of the market for its products and services, or general belief in Upower’s expectations of future operating results are forward-looking statements. All such forward-looking statements are subject to risks and uncertainties, including the need by Upower for substantial additional working capital to materially advance its business plan; no assurances that Upower will be able to secure such capital or the terms upon which such capital may be secured, if at all; technology and other challenges involved in the development and operation of Upower’s planned products and services, including the performance of technology which may be utilized by Upower, compliance with local, regional and national power generation, environmental and related laws, and local, regional and national governmental cooperation; local, regional and national economic considerations, including residential and industrial energy demand; foreign currency effects; Upower’s ability to protect its intellectual property; the ability to integrate acquisitions successfully and the risk that expected synergies may not be fully realized or may take longer to realize than expected; and competitors’ product introductions, pricing and other competitive pressures, as well as other risk factors and uncertainties. Forward-looking statements included herein are made as of the date hereof, and Upower undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Actual results could differ materially from anticipated results.

Contact Information

Upower & ACE UPI
David Macias
Email: dmacias@upowergroup.com  or  dave@aceupi.com

Visit:  www.upowergroup.com  and  www.aceupi.com


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